InCommto become exclusive distributor of American Express Canada Single Load Prepaid Cards
NEW YORK and ATLANTA, June 27, 2019 /PRNewswire/ -- American Express and InComm today announced that they have completed a transaction pursuant to which InComm will become the exclusive distributor of single load prepaid cards for American Express in Canada effective later this year.
In 2018, InComm acquired exclusive distribution rights of American Express' prepaid reloadable and single load gift card products in the U.S. InComm will now also be the exclusive program manager and processor for all single load prepaid cards for American Express in Canada. In addition, InComm will manage the distribution of these cards in Canada, including in brick-and-mortar retail, online retail, mall and B2B channels. A third-party financial institution will become the issuer for such cards.
"We are thrilled to celebrate and expand our partnership with American Express in Canada," said Stefan Happ, President of InComm. "Over the last year we have experienced significant progress through our collaborative work in the U.S., and we are excited to extend our exclusive distribution of American Express prepaid products to new and existing distribution partners in Canada as well."
"Extending our partnership into Canada means we can further benefit from InComm's expertise and deep knowledge of the prepaid industry," said William Stredwick, Senior Vice President, Global Network Services, American Express. "We are excited to continue our partnership with InComm which allows us to expand our single load prepaid cards to even more Canadian customers."
Information Related to Forward-Looking Statements This release includes forward-looking statements that reflect management's expectations about future events, including expectations regarding the transition period for the issuance and distribution of American Express gift card products in Canada. These forward-looking statements are subject to risks and uncertainties. The words "expect," "anticipate," "intend," "plan," "will," "may," "should," "could," "would," and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. American Express undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to operational or other issues that could prolong the transition period or the inability to launch new cards and establish distribution channels. A further description of these and other risks and uncertainties can be found in American Express' Annual Report on Form 10-K for the year ended December 31, 2018 and its other reports filed with the SEC.
About InComm By building more value into every transaction through innovative payment technologies, InComm creates seamless and valuable commerce experiences. InComm's unique products and services – which range from prepaid card solutions to enhanced payment platforms – connect companies across a wide range of industries including retail, healthcare, tolling & transit, incentives and financial services to an ever-expanding consumer base. With more than 25 years of experience, over 500,000 points of distribution, 369 global patents and a presence in more than 30 countries, InComm leads the payments industry from its headquarters in Atlanta, GA. Learn more at www.InComm.com.
Melanie Backs Vice President, Public Affairs and Communications 212-640-2164 [email protected]